450.4907 Professional limited liability company; prohibited activities; exception.
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450.4907 Professional limited liability company; prohibited activities; exception.
Sec. 907.
(1)A professional limited liability company shall not engage in any business other than the rendering of the professional services for which it was specifically organized.
(2)This act does not prohibit the company from investing its funds in real estate, mortgages, stocks, bonds, or any other type of investments, owning real or personal property necessary for the rendering of professional services, becoming a partner in a partnership formed under Act No. 72 of the Public Acts of 1917, being sections 449.1 to 449.43 of the Michigan Compiled Laws, if the partnership performs the same professional services as the professional limited liability company, or forming or becoming a member or manager of another professional limited liability company organized under this act if both professional limited liability companies perform the same professional services.
History: 1993, Act 23, Eff. June 1, 1993